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BORROWINGS | 6 Months Ended
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Jun. 30, 2020
BORROWINGS |
BORROWINGS | NOTE 7 – BORROWINGS There were no Federal Home Loan Bank of Chicago (FHLB) borrowings outstanding as of June 30, 2020 and December 31, 2019. Available borrowings from the FHLB are secured by FHLB stock held by the Company and pledged security in the form of qualifying loans. The total amount of loans pledged as of June 30, 2020 and December 31, 2019 was $535,798,000 and $548,229,000, respectively. As of June 30, 2020 and December 31, 2019, loans pledged also served as collateral for credit exposure of approximately $355,000 associated with the Banks’ participation in the FHLB’s Mortgage Partnership Finance Program. The Banks also have available a line of credit from the Federal Reserve Bank of Chicago (FRB) with available borrowings based on the collateral pledged. As of June 30, 2020 and December 31, 2019, the carrying value of debt securities pledged amounted to $515,000 and $515,000, respectively. There was no outstanding balance under the line of credit as of June 30, 2020 and December 31, 2019. The line, when drawn upon, is due on demand and bears interest at a variable rate.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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